When you make a home insurance claim, it isn’t uncommon for an insurer to request proof of ownership. In other words, you have to prove, usually with documentation, that you own items that are needing replacement. Documenting everything that you own can seem like an overwhelming process, but when you plan ahead a bit, you will see that it isn’t a big deal. InsureWise LLC is here to talk about proof of ownership and what you need to have when making a claim.
What Counts as Proof of Ownership?
Some insurers will require different documentation than others, but there are general requirements that most of them accept when it comes to proof of ownership. Following is a list of possible documentation that most insurers will accept:
– Original receipt or an electronic copy of the receipt
– Emailed receipt of online purchase
– Bank or credit card statement
– Photo of the item
– Certificate, valuation or appraisal
– Warranty documents
– Operating manual or item’s packaging
– Item’s serial number
Showing Proof of Ownership of a Gift Item
Many people have items that they would like to have insured that were gifts. If this is the case, you can ask the giver if they happen to have a receipt or if you can find the owner’s manual, photo of the item or packaging, that will work as well.
What if You Cannot Provide Proof of Ownership for an Item?
Understandably so, not everyone can provide proof of ownership all of the time. When this happens, the insurance company will likely find an item that is similar in cost and value your item based on that. The dollar amount you receive will be similar to that amount you would pay if you were to try and replace the item for a new one. Not having proof of ownership can have a big impact on the amount of money you get back from your insurance company though. If you had a higher priced item, you may be unable to get the money that you would need to replace it with the exact same thing.
How to Prepare Proof of Ownership Before You Need to Make a Claim
It is best to be prepared before you have to make a claim and provide proof of ownership. Preparing your documentation ahead of time, can save you a big headache and help you get the money you need. Here is what you need to do to be prepared in the case you need to make a claim.
– Take a Thorough Home Inventory
– Take Photos of Everything in Your Home
– Keep Physical and Digital Copies of Your Receipts
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